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Samruk-Kazyna National Sovereign Wealth Fund Chairman Timur Kulibayev elected into Gazprom Board of Directors

01 july 2011, 16:01
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Head of Samruk Kazyna Sovereign Wealth Fund Timur Kulibayev has been elected to be introduced into the Board of Russia’s Gazprom. According to RIA Novosti, First Vice Prime Minister Viktor Zubkov and President of the Russian Academy of Economy and Public Service Vladimir Mau have been also elected.

The initial list of candidates was drawn up in February. However, Russia’s President Dmitry Medvedev instructed to replace state officials in boards of directors of national companies with independent directors. Ministers and Vice Prime Ministers were to exit board of directors before July 1, with high-ranking officials of the President’s Administration exiting before October 1.

In accordance with President Dmitry Medvedev’s instruction, Energy Minister Sergei Shmatko and Economic Development Minister Elvira Nabiullina were to quit the Gazprom Board of Directors by July 1, with Vice Prime Minister Viktor Zubkov following by October 1.

May 31 Samruk-Kazyna National Sovereign Wealth Fund Chairman Timur Kulibayev had agreed to be considered as a candidate into the Board of Directors of Russia’s Gazprom.

“The proposal is voiced. It has to be considered by Gazprom. I have given my consent. Thus, I will be looking forward to elections”, Kulibayev said when answering journalists’ questions following the Government’s sitting May 31.

Russia's Gazprom is one of the world’s largest energy companies. Its major business lines are geological exploration, production, transportation, storage, processing and marketing of hydrocarbons as well as generation and marketing of heat and electric power.

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